Priyanka Tiwari
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Suspense crime, Digital Desk : Indian stock markets opened the week on a powerful bullish note, with benchmark indices climbing significantly as investors responded to positive global cues and growing optimism ahead of the upcoming Union Budget.
The BSE Sensex surged by approximately 600 points in early trading to hover around the 77,591 mark, while the NSE Nifty 50 climbed over 180 points to trade near 23,646. The positive sentiment was broad-based, with nearly all sectoral indices on the Nifty trading in the green. The rally extended to the broader market, with the Nifty Midcap 100 index also showing strong gains.
Market analysts attribute this robust performance to several key factors:
1. Strong Inflow from Foreign Investors: A major driver of the rally was the renewed confidence from Foreign Institutional Investors (FIIs). Recent data showed that FIIs were significant net buyers, purchasing shares worth approximately ₹2,175.86 crore. This substantial inflow signals strong foreign interest in the Indian market and overpowered the net selling of ₹655.76 crore by Domestic Institutional Investors (DIIs).
2. Positive Global Market Cues: The positive momentum was also supported by strong performance in international markets, particularly in the United States. The Dow Jones, S&P 500, and Nasdaq all closed on a positive note, setting a favorable tone for Asian markets at the start of the week.
3. Pre-Budget Optimism: Domestically, the market is buzzing with anticipation for the upcoming Union Budget. Investors are hopeful for pro-growth policies and market-friendly announcements, leading to what is often described as a "pre-budget rally" as they build positions in expectation of favorable reforms.
The gains were led by strong performances in the IT and manufacturing sectors, with stocks like Wipro, Titan, M&M, and Tech Mahindra emerging as top gainers on the Sensex. However, some heavyweight banking stocks, including HDFC Bank and ICICI Bank, faced slight selling pressure, indicating a mixed performance within the financial sector.
Overall, the combination of strong foreign investment, positive global trends, and domestic policy optimism has created a powerful tailwind for the Indian markets, setting a buoyant tone for the week.
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